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Shinsegae Group Ties Up with OKO for Real Estate JV

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South Korean retail conglomerate Shinsegae Group plans to launch a joint venture with U.S.-based real estate developer OKO Group to develop luxury hotels and other real estate projects, according to a Tuesday release.

The Korean conglomerate said it has signed a memorandum of understanding in Seoul on Tuesday, with the two companies aiming to raise $500 million in initial investment for the joint venture.

The JV plans to set luxury hotels and branded residences across Asia and North America, as well as commercial and mixed-use real estate projects in South Korea.

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